What Is Typical Interest On A Car Loan Average Used Car Loan Interest Rates Getting a great deal on your used car loan interest rate is an excellent way to save money We ll show you the average rates available and some strategies to help you find low rates
For example the average car loan interest rate for people with a 730 credit score is 6 70 percent for new cars and 9 63 percent for used cars while those with a credit score of 550 can expect an Getting a great deal on your used car loan interest rate is an excellent way to save money We ll show you the average rates available and some strategies to help you find low rates We ve rounded up the current average interest rates for new car loans used car loans and refinance car loans Jim Henry and Rusha Shrestha March 4 2025
What Is Typical Interest On A Car Loan
What Is Typical Interest On A Car Loan
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Average Car Loan Interest Rates by Credit Score Average rates vary widely from the lowest credit scores to the highest According to data from Experian s State of the Automotive Finance Market report for the third quarter of 2024 the average APR for a new car loan was 5 08 for super prime borrowers with excellent credit The average soared Average Car Loan Interest Rates by Credit Score Your credit score plays a big role in determining the interest rate you ll receive on a car loan Lenders use it to assess your reliability in repaying the loan Generally a higher credit score translates to a lower interest rate while a lower score can lead to higher rates
What is the Average Car Loan Interest Rate The average interest rate for auto loans on new cars in 2022 is 4 07 The average interest rate on loans for used cars is 8 62 The average interest rate on a new car loan with a credit score of 650 is 9 60 while the average interest rate on a used car loan is 14 12 What is a good interest rate for a 72 month car loan An interest rate below 6 44 for a new and 9 06 for a used car can be considered good for a 72 month car loan
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Car buyers who have a credit rating from around 700 to 850 have good to excellent credit These buyers typically pay between 5 64 and 7 01 interest on their new car loans according to the Experian State of the Automotive Finance Market report for the fourth quarter of 2023 The average interest rate for used cars is between 7 66 and 9 73 Average car loan interest rate Credit score Loan term A good calculator should give you a breakdown showing the total amount paid in interest and principal Some will even offer an amortization
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